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More Affordable Parts of Brooklyn, Queens See Big Rent Increases

As the average rent in Manhattan surpasses $5,000 a month for the first time, the latest report from brokerage MNS finds that even more affordable parts of Brooklyn and Queens saw some of the largest rent increases in the past month.

In Brooklyn, MNS finds that average rents increased in 15 of the 16 neighborhoods it tracks. Bay Ridge had the cheapest apartments but saw one of the largest month-over-month increases—5.7 percent—of any neighborhood in Kings County. Prospect Lefferts-Gardens also experienced a 7.8 percent increase in average rents, and rents in Crown Heights jumped 5.3 percent. Boerum Hill saw the greatest increase in average monthly rents, at 8 percent. Bushwick was the only neighborhood to see a decline—of .73 percent—in asking rents.

Commercial Observer

Photo by Erik Mclean on Unsplash

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